Metal Sky Star Acquisition Corporation filed its quarterly report for the period ended September 30, 2025. The company reported a net loss of $92,708 for Q3 and a net loss of $443,906 for the nine-month period. As of September 30, 2025, the Trust Account held $920,985, down from $6,677,519 at year-end, reflecting significant redemptions.
The balance sheet shows a working capital deficit of $5,124,150, promissory notes to the Sponsor of $3,122,403, amounts due to related parties of $1,536,658, and deferred underwriting commissions of $2,875,000. Management disclosed that these conditions raise substantial doubt about the company’s ability to continue as a going concern.
The company’s securities were delisted from Nasdaq and now trade on OTC Markets (Units: MSSUF; Ordinary Shares: MSSAF; Warrants: MSSWF; Rights: MSSRF). Share redemptions reduced the public float, with 60,523 redeemable shares outstanding as of September 30, 2025 at a redemption value of $15.63 per share. The deadline to complete a business combination has been extended to January 5, 2026, with subsequent $25,000 monthly extension deposits, including $50,000 funded in October and November 2025.